Your 2020 Financial Calendar

It’s 2020, and with the new year in full swing, it’s time to get organized for the big things to come.  Whether it’s all those appointments, birthdays, or trips out of town, the year is filled with many different events, causing us to overlook all the other tasks we need to get done.  Since we know how difficult it can be to remember or plan for everything, Plan IV has made it easy.  Check out this list of monthly tasks to remember through the end of the year:

March: Bonuses and Medicare

You may be expecting a bonus or pay increase come March. What will you do with it? Start by learning some smart saving strategies.

• March 31: If you’re on Medicare, this is the last day to apply for Parts A and B.  Coverage begins in July.  Learn more or get enrolled at medicare.gov.

April: Tax Returns

• April 15: Tax Day.  This date marks a few deadlines:

1. Last day to file your taxes or ask for an extension.  Send IRS Form 4868 (PDF) to get an automatic 6-month extension to file.
2. Final date to make a 2019 health savings account (HSA) or individual retirement account (IRA) contributions (if you're 50 or older, this includes catch-up contributions).
3. First quarter 2020 estimated taxes are due (if you’re self-employed or underpaying based on your income).

May: Tax Refunds Dispersed

• Anticipating your tax refund?  If you e-file, the IRS typically processes your return within three weeks.  Plan smart with our method (10% fun money, 90% for future you).

June: Final Call for FAFSA Filing

• June 15: Second quarter tax payment estimation deadline (if you’re self-employed or underpaying based on your income).
• June 30: Though the federal deadline to file a Free Application for Federal Student Aid (FAFSA) form for the 2020-2021 school year is June 30, the sooner you file for FAFSA, the better (see October).  States and colleges may have their own deadlines, which could be earlier, so look yours up on the Federal Student Aid website.

September: Tax Payments

• September 15: Third quarter tax payment estimation deadline (if you’re self-employed or underpaying based on your income).

October: Benefits of FAFSA

• October 1: Have someone heading to college in 2021?  October 1 is the first day to file FAFSA.  It’s smart to file early. Some colleges award on a first-come, first-served basis.  Plus, it gives you more time to plan, financially.
• October 1 – November 1: Enrollment period for employer benefits starts in the fall.  Review your health election, 401(k), and other employee benefits like life and disability insurance to see if they’re still meeting your needs.  A couple tips for this year’s benefits:

1. Use any flexible spending account (FSA) funds for qualified medical expenses by the end of the year. That money generally won’t roll over into next year.
2. If you have a health savings account (HSA), that money will roll over and is tax-deferred, so consider maxing it.

• October 15: Did you file for an extension on your taxes in April?  If so, this is your new deadline.

November: Healthcare Enrollment & Student Loans

One thing to check on in early November: student loans.  They typically kick in six months after graduation.  So, if you graduated college in May, check out these three tips for managing debt.

• Nov. 1: This marks the opening day of the federal health insurance marketplace enrollment for 2021 coverage.

December: Required Minimum Distributions (RMDs) and Charity Donations

• Dec. 15: This is the last day to enroll or change plans for 2021 federal health coverage.
• Dec. 31: If you’re 70½ or older, you have until the end of the year to take your required minimum distributions (RMDs).  Withdrawing less than your RMD, or missing the deadline, can lead to a tax penalty of up to 50% of the amount you were supposed to withdraw, so you’ll want to stay on top of it.  Just turning 70½ this year?  You have until April of 2021 to take an RMD—but would have to take 2 within that year.  This is also the last day to make any charitable contributions to impact your 2020 taxes.

Call Plan IV for Tax Fraud Advice, Tax Return Services, Health Insurance and More

Planning your annual finances can be a difficult task to keep up with.  Our experienced staff at Plan IV can explain the types of tax-related questions and help walk you through the steps to make sure you get the biggest bang for your buck in 2020!

Contact Plan IV at (248) 689-4910 with questions you may have on identity theft coverage and insurance.  You can also reach out to us on our contact form.

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Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.